China plans to double trade with Chile by 2015

China and Chile plan to double their two-way trade to US$60 billion by 2015, Chinese Premier Wen Jiabao said during a state visit on Tuesday, Reuters reported. The two countries have signed an agreement to protect investments going into either country, according to Chile’s foreign minister. Additionally, two Chinese companies – renewable energy firm Sky Solar and state-owned China Development Bank – and Chile’s Sigdo Koppers industrial group will partner to invest US$900 million in a solar energy park, China’s largest-ever investment in Chile. Trade between China and Chile is currently about US$30 billion, mostly in commodities as Chile is the world’s top producer of copper. “These are two countries that can perfectly complement each other, most of all because Chile is a highly rich country, intensive in commodities that China is going to need to continue growing at the same rhythm,” said Benjamin Sierra, an economist at Scotiabank in Chile. Wen is nearing the end of his official tour of South American nations.